Best Egg Exceeds $5B and Celebrates Four Years in Business
Company posted biggest year yet in 2017, with strong originations growth, decreased CAC, and positive cash flow
Wilmington, DE – April 9, 2018 – Marlette Funding, LLC, owner of the consumer-lending platform Best Egg, today shared year-end results and key accomplishments for first quarter 2018. In 2017, the company experienced originations growth of 66 percent, significantly reduced its customer acquisition costs, and ended the year with 3 straight quarters net income positive on a GAAP basis.
Underpinning the strong performance in 2017 is a bigger investment in data and analytics which the company believes provides a significant competitive advantage. It released the fourth generation of underwriting models and built a robust data lake, generally known as a storage repository, containing more than 30 billion events. Uniquely, Best Egg captures up to 5,000 distinct quantitative and qualitative attributes per customer including over 1,500 proprietary credit attributes, applicant data, data from more than 10 external data providers, “on-us” loan behaviors, the customer’s digital footprint, contact interactions, and survey data.
As it pursued and achieved these improvements in 2017, Best Egg continued to deliver market-leading credit results. The company’s assets have demonstrated class-leading performance, resulting in a diverse and stable funding model. As of the end of Q1 2018 the company has sponsored five strongly subscribed securitizations on behalf of their investors, totaling $1.7 billion.
“Our defining challenge is humanizing the digital experience for financial products and services,” said CEO Jeffrey Meiler. “To meet this challenge and provide an amazing customer experience, we have focused on building the business with big data, smart tools, better technologies, and sophisticated marketing. All of this enables us to make better decisions, and the overall performance is reflected in our rising customer satisfaction scores and our market success to date.”
Marlette Funding entered 2018 with strong momentum announcing its largest securitization to date, additions to its leadership team and industry accolades.
The company has always been focused on building a strong corporate culture—hiring great people and being clear about what is most important for the company. There were two significant additions to its executive team in the past year. Sabrina Basht was promoted to Chief Strategy Officer, where she is leading a cross-functional new product and distribution team to power Best Egg’s future growth. Mark Elbaum joined the company as Chief Financial Officer, coming from Merrill Lynch, Bank of America’s Wealth Management business.
Proof of the company’s culture commitment is reflected in its employee engagement score which ranks in the top 10 percent of thousands of companies across 90 countries using OfficeVibe, a leading online employee engagement platform and recent recognition by the American Banker as one of the Top Fintech Places to Work.
About Marlette Funding and Best Egg
Marlette Funding, through its consumer-lending brand Best Egg, is a financial technology provider on a mission to find better ways to make money accessible to allow people to enjoy life. The team mixes decades of banking experience with deep customer knowledge and smart technology to deliver digital products, services and experiences in a more relevant way. Today, Best Egg provides a frictionless online personal loan platform where qualified applicants can instantly view loan offers with no impact to their credit score and receive funds in as little as 1 business day. Since March 2014, the online loan platform has delivered over $5B of prime loans with high quality credit performance.